Indian brokerages back double-digit gains across pharma, infra and financials
A cluster of fresh buy ratings and target-price upgrades from leading Indian brokerages signals broad-based optimism for domestic equities heading into the second half of 2026.
Five Indian stocks spanning pharmaceuticals, infrastructure, financial services and industrials have drawn fresh buy recommendations from major brokerages, each carrying projected upside of 14 to 20 per cent. The breadth of the calls, covering sectors as different as generics manufacturing and project engineering, points to a consensus that the domestic growth cycle remains intact.
Nuvama made the sharpest single move, upgrading Zydus Lifesciences to buy and lifting its target price to ₹1,400 from ₹1,050. Against a last traded price of ₹1,180, that implies roughly 18 per cent upside. The same brokerage kept its buy rating on Kalpataru Projects International and raised the target to ₹1,554 from ₹1,411, suggesting 15 per cent upside from the current ₹1,347.
Financials and industrials in focus
In financial services, Motilal Oswal reiterated a buy on Poonawalla Fincorp with a ₹570 target, flagging 20 per cent upside from the stock's ₹477 market price. Equirus Securities issued a long recommendation on Manappuram Finance, setting a ₹435 target against a current price of ₹367, an 18 per cent gap.
On the industrial side, Emkay Global maintained its buy on Siemens with a ₹4,600 target. The stock changed hands at ₹4,002, leaving a 14 per cent implied gain. Siemens India remains a key beneficiary of capital expenditure in energy, transport and factory automation, themes that continue to attract institutional flows.
What it means for investors
The common thread is that none of the five names is a speculative small-cap; all are established, liquid counters followed by multiple institutions. When brokerages issue concurrent buy calls across uncorrelated sectors, it typically reflects confidence in earnings visibility rather than a single macro catalyst.
For global allocators watching India, the signal is that domestic research houses still see room for equity appreciation even after a strong multi-year run. The 14-to-20 per cent range also suggests expectations are grounded in earnings growth rather than multiple expansion, a healthier setup for long-hold positions.
Investors should note that these are individual brokerage views, not consensus estimates, and target prices can shift quickly with quarterly results or policy changes. Still, the concentration of bullish calls in a single reporting window underscores that Indian sell-side sentiment remains firmly constructive into late 2026.
